产业政策会提升并购商誉吗?

Does Industrial Policy Increase Acquired Goodwill?

并购商誉是我国当前面临的重要金融风险之一,产业政策是政府配置资源的重要手段,现有研究对产业政策如何影响并购商誉关注较少。利用我国沪深A股2011-2018年上市公司数据,以“五年规划”对产业是否支持作为产业政策代理变量,运用Logit模型与DID模型检验产业政策对并购商誉的影响。研究发现:产业政策支持会提高相关行业企业并购商誉,该种效应具有异质性,在国有企业、市场化程度较低的地区更显著;并且该正向效应也受企业特征影响,在轻资产与高市场关注的样本中更显著;作用机制检验表明,产业政策通过增加银行信贷而提高并购商誉。

Acquired goodwill is one of the currently significant financial risks in our country,and the industrial policy is an important measure for the government to allocate resources.Current research does not give enough attention to how industrial policy affect acquired goodwill.This paper explores the relationship to guide industrial policy-making and enterprise takeover.Based on the encouraged industry development planning in“Five-Year Plan”in China,we collect the goodwill data of Shanghai and Shenzhen A-share listed companies from 2011 to 2018,using Logit model and DID model to test the impact of industrial policy on the acquired goodwill.The results show that the added acquired goodwill in the encouraged industry will increase significantly;and this impact varies according to the nature of property rights and marketization.Compared with private enterprises and regions with high marketization,the impact of industrial policies on the acquired goodwill is more significant in state-owned enterprises and low marketization areas.Further research indicates that the this impact is also influenced by the enterprises'characteristics.The positive impact is more significant in the asset-light and high-market-attention samples.The mechanism tests show that the industrial policy can promote the goodwill of enterprises through increasing bank credit.